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SCHEDULE D
FORM N-40 (REV. 2008)
Name of Estate or Trust
STATE OF HAWAII—DEPARTMENT OF TAXATION
Capital Gains and Losses
Attach this Schedule to Fiduciary Income Tax Return (Form N-40)
2008
Federal Employer Identification Number
PART I
Short-term Capital Gains and Losses — Assets Held One Year or Less
(b) Date acquired (Mo., day, yr.) (c) Date sold (Mo., day, yr.) (d) Gross sales price (e) Cost or other basis, as adjusted, plus expense of sale (see Instructions) (f) Gain or (loss) (Col. (d), minus col. (e))
(a) Description of property (Example, 100 shares 7% preferred of “Z” Co.)
1
2 3 4 5 6 7
Short-term capital gain or (loss) from federal Forms 4684, 6252, 6781, and 8824............................................................ Net short-term gain or (loss) from partnerships, S Corporations, and other estates or trusts ............................................ Short-term gain from stock acquired through stock options from qualified high technology businesses ............................ Short-term capital loss carryover from 2007 Schedule D, line 28 ..................................................................................... Section 235-7(a)(13), HRS, short-term gain (See Instructions) ........................................................................................ Net short-term gain or (loss), (combine lines 1 through 6). Enter here and on line 17 below ........................................
2 3 4 5 6 7
( ( (
) ) )
PART II
8
Long-term Capital Gains and Losses — Assets Held More Than One Year
9 Long-term capital gain or (loss) from federal Forms 2439, 4684, 6252, 6781, and 8824................................................... 10 Net long-term gain or (loss) from partnerships, S Corporations, and other estates or trusts ............................................. 11 Capital gain distributions ................................................................................................................................................. 12 Enter the gain, if applicable, from Schedule D-1, Part I, line 8 or 10 ................................................................................. 13 Long-term gain from stock acquired through stock options from qualified high technology businesses............................. 14 Long-term capital loss carryover from 2007 Schedule D, line 35 ...................................................................................... 15 Section 235-7(a)(13), HRS, long-term gain (See Instructions) ......................................................................................... 16 Net long-term gain or (loss), (combine lines 8 through 15). Enter here and on line 18 below........................................
9 10 11 12 13 14 15 16 ( ( ( ) ) )
PART III
Summary of Parts I and II
17 18
(a) Beneficiaries
(b) Fiduciary
(c) Total
17 Net short-term gain or (loss) from line 7, above .................................. 18 Net long-term gain or (loss) from line 16, above.................................. 19 Total net gain or (loss), (combine lines 17 and 18)...............................
19 If line 19, column (c), is a net gain, enter the gain on Form N-40, line 6. If lines 18 and 19, column (b), are net gains, go to Part VI, and DO NOT complete Parts IV and V. If line 19, column (c), is a net (loss), complete Parts IV and V, as necessary.
Page 2 Schedule D (Form N-40) (REV. 2008)
PART IV
Computation of Capital Loss Limitation
20 Enter here and enter as a (loss) on Form N-40, line 6, the smaller of:
(i) The net loss on line 19, column (c); or ) (ii) $3,000 .................................................................................................................................................................... 20 ( If the net loss on line 19, column (c) is more than $3,000, OR if the taxable income on line 22, page 1, of Form N-40 is zero or less, complete Part V to determine your capital loss carryover.
PART V
Computation of Capital Loss Carryovers From 2008 to 2009 Section A. — Computation of Carryover Limit
21 Enter the taxable income or (loss) for 2008 from Form N-40, line 22................................................................................ 22 Enter the loss from line 20 as a positive amount.............................................................................................................. 23 Enter the amount from Form N-40, line 20 ...................................................................................................................... 24 Adjusted taxable income (combine lines 21, 22, and 23, but not less than zero) .............................................................. 25 Enter the lesser of line 22 or line 24 ................................................................................................................................
21 22 23 24 25
Section B. — Short-Term Capital Loss Carryover (Complete this section only if there is a loss shown on line 7 and line 19, column (c).)
26 Enter the loss shown on line 7 as a positive amount........................................................................................................ 27 Enter the gain, if any, shown on line 16. (If that line is blank or shows a loss, enter zero)................................................. 28 Enter the amount from line 25 ......................................................................................................................................... 29 Add lines 27 and 28 ........................................................................................................................................................ 30 Line 26 minus line 29. If zero or less, enter zero. This is your short-term capital loss carryover from 2008 to 2009. If this is the final return of the trust or decedent’s estate, also enter on line 8b, Schedule K-1 (Form N-40) ....................... 26 27 28 29
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Section C. — Long-Term Capital Loss Carryover (Complete this section only if there is a loss shown on line 16 and line 19, column (c).)
31 32 33 34 Enter the loss shown on line 16 as a positive amount...................................................................................................... Enter the gain, if any, shown on line 7 (If that line is blank or shows a loss, enter zero) ................................................... Enter the amount from line 25 ......................................................................................................................................... Enter the amount from line 26 ......................................................................................................................................... 31 32 33 34 35 36
35 Line 33 minus line 34. If zero or less, enter zero .............................................................................................................. 36 Add lines 32 and 35 ........................................................................................................................................................ 37 Line 31 minus line 36. If zero or less, enter zero. This is your long-term capital loss carryover from 2008 to 2009. If this is the final return of the trust or decedent’s estate, also enter on line 8c, Schedule K-1 (Form N-40) .......................
37
PART VI
Tax Computation Using Maximum Capital Gains Rate (Complete this part only if lines 18 and 19, column (b) are net capital gains.)
38 39a 39b 39c 40 41 42 43 44 45 46 47
38 Enter your taxable income from Form N-40, line 22 ......................................................................................................... 39a Net capital gain taxable to the estate or trust. Enter the smaller of line 18 or 19, column (b) ........................................... b If you completed Form N-158, enter the amount from Form N-158, line 4e ...................................................................... c Line 39a minus line 39b. If zero or less, enter zero .......................................................................................................... 40 Line 38 minus line 39c. If zero or less, enter zero ............................................................................................................ 41 Enter the greater of line 40 or $20,000 ........................................................................................................................... 42 Tax on amount on line 41. If line 41 is $20,000, enter $1,128.00 ..................................................................................... 43 Line 38 minus line 41. If zero or less, enter zero here and on line 44. Also, enter this amount on Form N-40, line 23(a).. 44 Multiply the amount on line 43 by 7.25% (.0725) ............................................................................................................. 45 Maximum capital gains tax. Add lines 42 and 44 ............................................................................................................ 46 Regular tax on amount on line 38 above (see Form N-40, line 23, instructions) ............................................................... 47 Enter the smaller of line 45 or line 46 here and also on Form N-40, line 23 and check the “Schedule D (Form N-40)” box.